According to SPER Market Research, the Global Smart Card Market is accelerated by companies’ growing tendency to move toward the digitalization of payment processes and the effective storage of personal data. In order to meet these objectives, smart cards or Integrated Circuit Cards (ICC) are crucial.
The market is anticipated to benefit from the increased customer preference for cashless transactions and the growing use of devices with embedded circuits in the healthcare, retail, BFSI, and hospitality sectors. Additionally, the rapid growth of technology has given rise to cutting-edge methods like contactless technology and multi-component card facilities.
Smart Card Market Overview:
- Forecast CAGR (2022-2030): 4.1%
- Forecast Market Size (2030): USD 19.96 billion
Organizations are now able to provide their customers with secure payment options, authentication, and information storage thanks to devices combined with embedded circuit chips or microcontrollers. Furthermore, because manufacturing and handling are inexpensive, technology plays a critical role in lowering operational expenses.
Impact of COVID-19 on the Global Smart Card Market:
The smart card market suffered as a result of the severe lockdowns and social seclusion adopted to limit the spread of the COVID-19 virus. The shaky economy, a partial business closure, and low consumer confidence all weighed on the demand for intelligent solar technology. During the outbreak, the supply chain and logistics activities were hampered. However, due to the relaxation of restrictions and the rapid growth of the e-commerce sector, the smart card business is expected to pick up speed in the post-pandemic environment.
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Global Smart Card Market Key Segments Covered:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By End User,
- Retail and Loyalty
- Energy and Utility
- North America
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Global Smart Card Market Key Players:
Global Smart Card Market study provides market data by the competitive landscape, revenue analysis, market segments, and detailed analysis of key market players such as; Atos SE, Alioth LLC, Cardcom Technology, CardLogix Corporation, CPI Card Group, Eastcompeace, Fingerprint Cards AB, Gemalto NV, Giesecke & Devrient, HID Global Corporation, IDEMIA, Infineon Technologies AG., Texas Instruments, Watchdata Technologies.
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Smith Williams, Business Consultant – USA